Filecoin is facing challenges due to its exposure in China and concerns over the cost of subsidy.

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Filecoin's heavy spending on subsidies, coupled with its significant presence in China that raises doubts about the security of its data, indicates that it requires more than just a token rally to ensure long-term sustainability, while Bitcoin remains stable at $22.4K.

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Bitcoin and Ether have started the Asia business day unchanged, with Bitcoin at $22,412, down 0.2%, and Ether at $1,565.

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CoinGecko's data indicates a significant decline in trading volume, with Bitcoin's 24-hour volume falling from $27 billion on Friday, March 3 to $16 billion on Monday, March 6.

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CryptoQuant's report suggests that funding rates indicate a bearish sentiment in the current market, with investors betting on further price declines.

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As Jerome Powell prepares to testify before the Senate Banking Committee on Tuesday morning and the House Financial Services panel on Wednesday, he is likely to be the center of attention.

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The economy's resilience to interest rate hikes has put Powell in a difficult position.

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The stronger-than-expected job numbers in January highlighted the need for the Fed to take action to address inflation.

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CME's FedWatch tool indicates a 69% chance of a 25 basis point increase and a 30% chance of a 50 basis point increase, while PolyMarket predicts an 80% likelihood of a 25 bps rise during the March meeting and a 23% chance of a 50 bps increase thereafter.

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